Gold technical analysis: Sits at 3-week tops, bulls likely to target $1300 mark

   •  The precious metal built on last week's recovery move from yearly lows and continued gaining positive traction for the fourth consecutive session on Wednesday.

   •  A sustained move beyond the $1287-88 supply zone was seen as a key trigger for bullish traders and remained supportive of the up-move to three-week tops.

Meanwhile, technical indicators on hourly charts are on the verge of moving into slightly overbought conditions and warrant some caution before placing any aggressive bets. However, oscillators on the daily chart have just started gaining positive traction and support prospects for additional gains after a brief consolidation. 

Hence, any meaningful dips, back closer to the resistance break-point, now turned support might still be seen as an opportunity to initiate some fresh bullish positions for an eventual move towards reclaiming the key $1300 psychological mark amid the prevailing risk-off environment.

Gold 1-hourly chart